Mirion to Acquire Paragon Energy Solutions in $585 Million Deal, Strengthening Nuclear Power Supply Chain
Mirion Technologies, Inc. (NYSE: MIR), a leading global provider of radiation detection, measurement, analysis, and monitoring solutions, has announced that it has entered into a definitive agreement to acquire Paragon Energy Solutions, a highly regarded provider of engineered solutions for the nuclear power industry. The deal, valued at approximately $585 million in cash, represents a significant step in Mirion’s strategy to expand its presence in nuclear markets and enhance its capabilities at a time when global interest in nuclear energy is surging. The acquisition will see Paragon being acquired from its current owner, Windjammer Capital Investors.
Building a Comprehensive Nuclear Solutions Leader
Mirion serves a wide range of industries—including nuclear energy, medical, defense, and scientific research—with its portfolio of radiation-related technologies. With the acquisition of Paragon, the company will significantly strengthen its offerings for both large-scale nuclear power plants and the emerging market of small modular reactors (SMRs).
Thomas Logan, Chairman and Chief Executive Officer of Mirion, expressed enthusiasm about the deal:
“I look forward to welcoming Paragon to the Mirion family. Our agreement to acquire Paragon will build on our commitment to the detection, measurement, and analysis of ionizing radiation. The complementary capabilities of Mirion and Paragon will provide nuclear power customers with a more comprehensive suite of product offerings and services to meet their growing needs, just as public and private support for the industry accelerates. Further, Mirion’s global reach provides the opportunity to expand Paragon’s portfolio worldwide. This transaction will create a best-in-class global supplier to the nuclear renaissance underway and enhance the customer experience.”
Logan’s comments highlight the strategic fit between the two companies. As global policymakers, utilities, and private investors increasingly turn to nuclear energy as part of the clean energy transition, suppliers like Mirion and Paragon are positioning themselves to meet both current and future demands.
Paragon’s Expertise and Market Position
Based in Fort Worth, Texas, Paragon has built a strong reputation as a trusted provider of critical systems and parts for the nuclear industry. Its capabilities span commercial-grade dedication and qualification of nuclear components, advanced testing and inspection services, and proprietary value-add distribution platforms.
With a portfolio of more than 20,000 proprietary parts and a highly skilled team of over 100 engineers, Paragon supports the entire North American nuclear fleet. Its systems and solutions are present in every operating reactor across the region. Moreover, Paragon is one of the few U.S.-owned suppliers capable of delivering digital Reactor Protection Systems—a crucial element in both maintaining existing reactors and enabling next-generation SMRs.
Doug VanTassell, President and Chief Executive Officer of Paragon, emphasized the alignment between the two companies:
“Like Paragon, Mirion is focused on providing high-quality, innovative products to support the current nuclear operating fleet and the next generation of SMRs. Together, this transaction strengthens the nuclear global supply chain needed to upgrade the operating fleet and bring the next generation of SMRs online.”
Financial Performance and Deal Structure
Paragon is projected to generate approximately $150 million in revenue by 2026, with adjusted EBITDA margins in the range of 20%–22%. Based on these estimates, the acquisition price represents a multiple of roughly 18 times expected 2026 EBITDA.
The deal is also expected to be accretive to Mirion’s diluted earnings per share within the first full year after closing. Mirion anticipates realizing approximately $10 million in annualized commercial and cost synergies by year five, reflecting both operational efficiencies and expanded revenue opportunities.
To finance the acquisition, Mirion has secured a fully committed bridge facility. Long-term financing will likely involve a mix of equity, debt, or equity-linked instruments, with the goal of maintaining a pro forma net debt-to-adjusted EBITDA ratio of around 3.5x or lower. The company expects to reduce leverage further over time in line with its long-term financial targets.
Timing and Approvals
The transaction is expected to close before the end of 2025, subject to customary regulatory approvals and other closing conditions. The timeline positions Mirion and Paragon to quickly integrate operations and align strategies as the nuclear industry enters a new growth phase.
Advisors to the Transaction
Several top-tier financial and legal advisors are involved in the deal:
- Mirion: Goldman Sachs & Co. LLC is serving as exclusive financial advisor, while Davis Polk & Wardwell LLP is providing legal counsel. Goldman Sachs is also underwriting the committed financing for the acquisition.
- Paragon: Baird is acting as lead financial advisor, with Moelis serving as an additional financial advisor. Legal counsel for Paragon is being provided by Kirkland & Ellis LLP.
